Tennessee Code 67-8-603 – Imposition of tax

(a) A tax is imposed upon every generation-skipping transfer in an amount equal to the amount allowable as a credit for state inheritance taxes under 26 U.S.C. § 2604.

Terms Used In Tennessee Code 67-8-603

Federal generation-skipping transfer tax: means the tax imposed by 26 U. See Tennessee Code 67-8-602
Generation-skipping transfer: means a transfer subject to the tax imposed by 26 U. See Tennessee Code 67-8-602
Property: includes both personal and real property. See Tennessee Code 1-3-105
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105

(b) If any of the property transferred is real property located in another state or is tangible personal property having an actual situs in another state that requires the payment of a tax for which credit is received against the federal generation-skipping transfer tax, any tax due pursuant to subsection (a) shall be reduced by an amount that bears the same ratio to the total state tax credit allowable for federal generation-skipping transfer tax purposes as the value of such property taxable in such other state bears to the value of the gross generation-skipping transfer for federal generation-skipping transfer tax purposes.

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Tennessee Code 67-8-603 – Imposition of tax – Credits

Terms Used In Tennessee Code 67-8-603

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